GoIndustry-DoveBid plc (GOI) – Preliminary results

Preliminary results

GoIndustry-DoveBid plc, the global provider of asset advisory, disposition and valuations services, announces its preliminary results for the year ended 31 December 2008.

Financial & Group Highlights

• Completed the transformational acquisition of DoveBid, Inc. and successfully integrated the enlarged business
• Gross asset sales (GAS) of £115 million (2007: £96 million)
• Online sales accounted for 59% of GAS (2007: 37%)
• Share of direct profit attributable to corporate forward flow accounts more than doubled from 15% to 38%
• Subsequent to year-end renegotiated the Group’s banking facilities, issued £5 million of new 2011 convertible loan notes and redeemed the outstanding £3 million 2009 convertible loan notes.   

Chairman Neville Davis said: “While undoubtedly the Group has suffered in tandem with the global economic downturn, I am confident that we are in a good position to make advances in 2009 and prosper in the coming years.   With our new CEO, Jack Reinelt, at the helm, I look forward to working with him to continue to develop the business and deliver sound profitable growth in the medium and long term.”